Date：2021-03-17
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FOB：Free On Board（named Port of shipment）
Free on board means that the seller needs to deliver the goods to the ship designated by the buyer at the agreed port of shipment.
According to the interpretation of FOB by the International Chamber of Commerce:
Basic obligations of the seller:
1. Handle the customs clearance related to export, and bear all the expenses and risks until the goods are transported to the ship's side of the loading port.
2. In accordance with port practice, the goods shall be loaded on board the vessel designated by the buyer at the agreed time and port of shipment, and the buyer shall be informed that the goods have been loaded.
3. Send the agreed documents and corresponding electronic information to the buyer.
Basic obligations of the buyer:
1. Inform the seller of the date of arrival of the vessel and the time of arrival of the vessel.
2. The buyer shall bear all the expenses incurred by the buyer when the goods cross the ship's rail at the port of loading and all the risks of loss or damage to the goods.
3. The buyer shall receive the documents or corresponding electronic information and pay the loan according to the contract.
CFR：Cost and Freight（named port of destination）
Cost and freight means that the seller must bear the cost and freight of the goods to the agreed destination port, where the cost is equivalent to fob price.
Basic obligations of the seller:
1. The Seller shall, in accordance with the goods specified in the contract, charter the vessel, book the space and pay the freight, ship the goods at the port of loading at the agreed time, and give the buyer the notice of shipment.
2. Go through the export customs clearance procedures and bear all the risks of the goods arriving at the ship's side at the loading port and the cost of delivering the goods to the ship at the loading port.
3. The Seller shall provide relevant documents or electronic information according to the contract.
The basic obligations of the buyer are as follows:
1. Bear the risk of loss of or damage to the goods from the time they pass the ship's rail at the port of loading and the additional costs arising from events occurring after loading.
2. Take delivery of the goods at the port of destination specified in the contract, go through the import customs clearance procedures and pay the import tax.
3. Receive the documents or corresponding electronic information provided by the seller and make payment according to the contract.
Free on board means that the seller needs to deliver the goods to the ship designated by the buyer at the agreed port of shipment.
According to the interpretation of FOB by the International Chamber of Commerce:
Basic obligations of the seller:
1. Handle the customs clearance related to export, and bear all the expenses and risks until the goods are transported to the ship's side of the loading port.
2. In accordance with port practice, the goods shall be loaded on board the vessel designated by the buyer at the agreed time and port of shipment, and the buyer shall be informed that the goods have been loaded.
3. Send the agreed documents and corresponding electronic information to the buyer.
Basic obligations of the buyer:
1. Inform the seller of the date of arrival of the vessel and the time of arrival of the vessel.
2. The buyer shall bear all the expenses incurred by the buyer when the goods cross the ship's rail at the port of loading and all the risks of loss or damage to the goods.
3. The buyer shall receive the documents or corresponding electronic information and pay the loan according to the contract.
CFR：Cost and Freight（named port of destination）
Cost and freight means that the seller must bear the cost and freight of the goods to the agreed destination port, where the cost is equivalent to fob price.
Basic obligations of the seller:
1. The Seller shall, in accordance with the goods specified in the contract, charter the vessel, book the space and pay the freight, ship the goods at the port of loading at the agreed time, and give the buyer the notice of shipment.
2. Go through the export customs clearance procedures and bear all the risks of the goods arriving at the ship's side at the loading port and the cost of delivering the goods to the ship at the loading port.
3. The Seller shall provide relevant documents or electronic information according to the contract.
The basic obligations of the buyer are as follows:
1. Bear the risk of loss of or damage to the goods from the time they pass the ship's rail at the port of loading and the additional costs arising from events occurring after loading.
2. Take delivery of the goods at the port of destination specified in the contract, go through the import customs clearance procedures and pay the import tax.
3. Receive the documents or corresponding electronic information provided by the seller and make payment according to the contract.
